Domino's Pizza (DPZ) - Get Report  Chief Financial Officer Jeff Lawrence announced Tuesday during the company's third-quarter earnings conference call that the pizza chain would launch a $1 billion share buyback program.

Lawrence noted Domin's has returned $26.9 million to shareholders in the third quarter through its quarterly dividend of 65 cents a share.

"On average over the last 12 months we have not only generated more than $1 million per day in free cash flow but when you add our share repurchases and dividends together we have also returned more than $1 million per day to our shareholders," Lawrence said. 

Domino's reported weaker-than-expected third-quarter earnings Tuesday and same-store sales that disappointed analysts as fierce competition in the food delivery market continued to hit the sector's bottom line.

Domino's said earnings for the three months ended in September were $2.05 a share, up 5.1% from the same period last year but 3 cents shy of Wall Street estimates. Sales rose 4.4% to $820.8 million but also fellshort of analysts' estimates of a $823.2 million tally.

Domino's shares were rising 1.77% to $247.60 on Tuesday after trading lower earlier in the session.

Domino's is RealMoney's stock of the day.